May 20, 2024

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Tailwind Group acquires two Kansas student assets

2 min read

These communities are located near the University of Kansas, Wichita State University and other universities.

Tailwind Group expanded its portfolio of student housing with the acquisitions Legends Place Apartments in Lawrence, Kan., and Aspen Heights in Wichita. The two communities, which total 959 beds, are located there. Yardi Matrix shows that the company secured a 10-year, 18.7 million dollar CMBS through Fannie Mae to finance its Lawrence property. ApexOne Investment Partners sold the communities, while Aspen Heights Partners bought them.

Legends Place Apartments, completed in 2003, comprises 200 units, with apartments ranging from 905 square feet to 1,481 sq. ft. The pet-friendly community offers a fitness centre, swimming pool and grilling areas. There is also a computer room, a game lounge, a hammock garden, and a computer lounge. The property is undergoing a capital improvements program and will also be rebranded.

Aspen Heights is now Altitude at Wichita. It has 90 apartments and includes a mixture of studios, two-bedroom and four-bedroom units, with sizes ranging from 548 square feet to 1,498. Residents can access a fitness center, a swimming pool, and a study room.

Legends Place Apartments, located at 4101 W. 24th Place in Lawrence, Kansas, is 1.7 miles from the University of Kansas Campus, and several retail outlets. The Altitude at Wichita, located at 4910 E. 21st St. N. is within walking distance from the Wichita State University Campus and less than one mile away from many retail options.

A team led by Newmark vice chairman & head of Newmark Student Housing Ryan Lang, represented ApexOne investment partners. JLL managing director Teddy Leatherman represented Aspen Heights Partners.

Tailwind’s student housing portfolio expansion

Investors are expanding their portfolios rapidly across many markets as student housing is showing strong fundamentals and reaching historic highs for preleasing rates and rent growth. These purchases represent Tailwind Group’s third and forth major transactions since the start of the year.

The company acquired South Duff Apartments, located in Ames in Iowa, as well as The View, in Lincoln, Nebraska, from RCLCO. In August, the company also purchased The Wylder in Columbia, Mo. adjacent to the University of Missouri.

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